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Business Check Ordering Guide > Can You Protect Your Accounts from Business Check Fraud?
Can You Protect Your Accounts
from Business Check Fraud?
We dove deep into spotting (and preventing) fake business checks
here, and this guide takes your financial security one step further, by also protecting your accounts through diving in deeper into check fraud. Let’s jump in.
Consider these Deposit Account Fraud Survey statistics recently published by the American Bankers Association:
- Fraud against bank deposit accounts amounted to $25.1 billion in 2018, up from $19.1 billion in 2016. This amount includes $2.8 billion in losses to the industry and $22.3 billion in fraud prevention (i.e. the bank stepping in)
- In 2018, check fraud accounted for 47 percent or $1.3 billion of industry deposit account fraud losses, followed by debit card fraud losses (signature, PIN, and ATM combined) at 44 percent or $1.2 billion. The rest of the losses (9 percent or $265 million) were attributable to electronic banking transactions, including billpay, P2P transfers, wire and ACH transactions
Unfortunately, it can be easy to become a victim of check fraud when you consider the information you provide on the check itself:
- Address
- Phone number
- Bank’s name and address
- Bank account number
- Bank’s routing number
- Signature
Armed with these details, a criminal intentionally seeks to steal money from a person or a business through deceptive ways. Here are some specific examples of check fraud:
- Forgery: Signing an unauthorized check or endorsing a check not payable to the endorser
- Theft: Stealing checks to use
- Paper hanging: Writing checks on closed accounts
- Check kiting: Gaining access to funds deposited in one account before the bank collects them from another
- Washing: Removing check information via chemicals
- Counterfeiting: Illegally printing checks using the victim’s account information
- Technology (computer, software, high-quality color printer) enables criminals to produce realistic-looking checks that can go undetected
- Mobile-based check fraud: This has grown as more consumers use their smart phones to deposit checks with their bank
Order
Business Check
Online
You don’t have time or money for check fraud crimes, so complete this security checklist:
At Checksforless.com®, we guarantee your business checks will meet or exceed industry bank processing standards, including Check 21 regulations. Check 21 is a federal law written to improve the efficiency and safety of the check processing system. Using electronic images, the need to physically transfer the check from one financial institution to another is eliminated. This system places certain requirements on the design, print quality and MICR encoding on banking products; a visual image is included below to best illustrate this:
All our products have been tested to be fully compliant with Check 21, an important promise we are happy to extend along to our customers.
Additionally, all Checksforless.com® checks exceed the security guidelines set by the industry and by the Check Payments Systems Association. As two examples, our checks feature security pantographs to limit reproducibility, as well as MicroPrinted Signature lines that are too small to be reproduced by a scanner.
Checksforless.com® meets all your most pressing concerns:
- What security features do you offer on your business checks? All Checksforless.com® checks exceed the security guidelines set by the industry and by the Check Payments Systems Association.
- Is it safe to order business checks online? To safeguard your information against fraud, our site uses Secure SSL (Secure Sockets Layer) technology. Additionally, we use a secure server for all online transactions, have security checkpoints throughout in the ordering process, process credit cards through Address Verification Services, and our system checks for combinations of common elements of fraudulent orders (i.e. changes in the shipping address on reorders; different ship to, imprint and billing information; and deliveries to Post Office boxes and other non-physical addresses).
- How can I be sure that CFL is a reputable and trustworthy online business checks supplier? Checksforless.com® are members of the Better Business Bureau Online, an organization known for its expertise and experience in conducting successful national self-regulation programs.
- When ordering business checks, will my financial information remain confidential? We protect your personal and financial information through Enhanced Identity Lock Theft Protection (double verification) and 3rd party security validation via an independent 3rd party whose certification is the only security scanning technology recognized to meet both the U.S. government's benchmark FBI/SANS security test and the security standards of all major credit card companies.
- Can anyone outside my business checks order see my personal information? Checksforless.com® will never share customer information, including names and mailing addresses, with third parties.
Once you have the right checks (that will be very difficult for a criminal to replicate), it’s also up to you to make sure your account isn’t being compromised, with some quick tips here:
- Monitor your bank account: Always look at your bank activity and set up text alerts for withdrawals; if you stay on top of this you can quickly spot something amiss.
- Keep your assets safe: Make sure your checks and financial documents are stored somewhere that only the right people have access to them. (Don’t leave your checks somewhere visible – i.e. your car).
- Head to the post office: Ideally, if you don’t have a timely and reliable mail service that will grab your check, head to the post office or drop it in a designated postal box for added security.
- Steer clear of your SSN: Never include your Social Security Number on a check; it can lead to identity theft.
- Shred away: It’s a great idea to get a shredder to destroy important financial documents like records, account details, and voided checks.
- Know the common scams: Refer back to our guide here for specific check fraud scams to avoid.
- Report fraud: If you are victim of fraud, report it to applicable resources including the Federal Trade Commission, the U.S. Postal Inspection Service, your state or local consumer protection agencies, and/or the Internet Crime Complaint Center. (And if you are recovering from fraud be sure to monitor your account to make sure the resolutions happen).
Visit us online at Checksforless.com® or call us toll-free at 800-245-5775 to get started. While our
FAQ page is a great place to check out more information, our teams of experts are always happy to help you with any more specific questions you have along the way. Checksforless.com® is also proud to offer a 100% satisfaction guarantee. When you order from us, you will get the exact high-quality checking supplies you need for your organization.
If you are ready to order your customized business checks that are built with safety and protect your business reputation, contact us today!
This article is made possible by Checksforless.com® For more than 35 years, Checksforless.com® has provided over 500,000 businesses with high quality business checks, deposit slips, and other banking supplies with easy ordering and fast production times; all at the guaranteed lowest price in the nation. Our discount business checks are easily customizable and compatible with over 4,500 software programs including QuickBooks and Peachtree/Sage 50. Email or call us toll-free at 800-245-5775.